Good news for those of you highly anticipating the upcoming jailbreak for iOS 5.1.x: it should be out in the next two weeks.

Due to considerable demand, hacker pod2g has released an FAQ answering some of the most pressing questions that he’s received from the public.

Check inside for the answer to each pressing question regarding the upcoming jailbreak…

Here is the full Q/A from pod2g’s blog:

The poll about releasing now or waiting for 6.0 ended with a 64% / 33% to release ASAP. Where is the link ? ETA ? How much % done ? etc.
As I said earlier in twitter, there’s still a lot to do to have a user friendly and well tested tool to install the jailbreak on end users devices. Expect a release in a couple of weeks.

Will it be compatible with my ?
It will be compatible with any device running iOS 5.1.1 except iPod 3G, iPhone 3Gs and ATV3 (right now, may change in a near future, nobody knows).

Why is it so slow to release now that the iPad 3,1 has been demoed ?
There are 16 different devices out there to work on and to test. It takes time.

May I be a beta tester?
No, sorry. Only really trusted people (that can be counted on one hand) could have access to the jailbreak. I don’t want any leak to happen.

What if I offer you 1,000,000$?
That doesn’t change a thing.

The main things we can glean from this FAQ is that it is now apparently safe to update to iOS 5.1.1, the jailbreak will be universal outside of the Apple TV 3, iPod 3G and iPhone 3GS – and it will be released in two weeks.

Be sure to bookmark pod2g’s blog for the latest info from the now legendary iOS hacker.

Are you excited?

Update: So just to clarify, the iPod 3G and the iPhone 3GS (new bootrom) will not be supported. The old bootrom is still evidently supported as it is “untethered jailbroken for life”.